A study from the UNLV Center for Gaming Research found that slot machines in Las Vegas have been tighter for players over the last 20 years.
Key Takeaways
- UNLV found the average slot machine hold in Las Vegas has grown over the last 20 years.
- The average hold in 2025 was 7.1% compared to 6.55% in 2004.
- The Nevada Gaming Control Board said any tightening of slot machines by operators falls within legal limits.
Under Nevada law, slot machines must return at least 75% of all money wagered, a threshold far above what casinos actually pay out in practice, according to the Las Vegas Review-Journal. The Nevada Gaming Control Board says modern machines typically return roughly 90% to players over time.
UNLV found that statewide slot holds averaged 6.55% in 2004 but reached 7.1% by 2025, meaning players are winning less than they did two decades ago. The Las Vegas Strip recorded the highest average hold at 7.5%, while Reno had the lowest at 5.21%.
“Hold percentage - the portion of money gambled that the casino retains - has a huge impact on casino revenues,” the UNLV report reads. “Even if handle (overall play) rises in a period, a decline in hold percentage can mean a drop in casino revenues. Players naturally prefer a low hold percentage, which returns on average more money to them, while casinos look to balance higher hold with the need to keep players happy.”
However, regulators insist the changes fall well within legal and audited limits. Nevada Gaming Control Board officials say slot machines cannot be manually adjusted beyond pre-approved configurations, and any attempt to do so would be quickly detected through audits and data logs.
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Golden Gate anniversary highlights Las Vegas’ long Gaming Arc
As debates over modern slot economics continue, Las Vegas is also reflecting on how far its gaming industry has come. This year marks the 120th anniversary of the Golden Gate Hotel and Casino on Fremont Street, the city's oldest hotel property.
Opened initially as Hotel Nevada in 1906, the Golden Gate predates the Strip and stands near the railroad depot that helped make Las Vegas a gaming destination.
The property has survived decades of expansion, demolition, and reinvention that define the city’s history.
